NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Who is Buying Bitcoin amid Greece’s Financial System Breakdown?

Yashu Gola
Yashu Gola
4 years ago
2 mins read
Bitcoin Price - The Greece Connection Explained

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

As many media houses reported, the recent spike in Bitcoin value has been caused by the failure of Greece’s financial system. It has been theorized that that the Greeks are treating Bitcoin as their last resort to escape a weak economical infrastructure; that they are willing to invest in the digital currency sector to keep their assets strong until the current economic meltdown reaches conclusion.

A most of these theories are born out of coincidences. First: Bitcoin value had surged around 10% over the last month, 3.5% over the last week; and 5% in over the last 24 hours (at press time). On the other hand, Greek Parliament has announced a referendum to be held next week — on July 5th 2015 — and has imposed capital control on the entire country, in the wake of which banks would remain closed until further notice.

Bitcoin Price - The Greece Connection Explained

The dots are simple to connect. Greeks, who are forced to have their hard-earned money locked inside a government building, have nowhere to go in these tough times. They are probably surviving on the cash they were able to withdraw before the banks got shutdown. Bitcoin, for its decentralized and privacy-enteric features, seems like their natural companion in this time of need.

But are they even aware about Bitcoin?

The CNN Money reports that Greeks are indeed rushing to get their hold on Bitcoin, that they are turning to online trading platforms to get their first taste of the digital currency investments. The report further refers an increase in number of Greek visitors on multiple Bitcoin trading websites. They include Shanghai-based LakeBTC which has claimed a 40% increase in visitor traffic from Greece, as well as a German marketplace bitcoin.de which claims that the Bitcoin trades have surged 79% from the same region.

The studies however don’t support the aforesaid claims, especially when it comes to discussing the bigger picture. According to Bitcoin Charts, Euro purchases of Bitcoin marks only 6% of the entire transaction volume. On the other hand, LocalBitcoins.com report suggests that the recent volume spike has came from Russia, India, Sweden and South Africa.

It has been further reported that Greece alone cannot boost the Bitcoin economy, for it is a very small economy in comparison to the US, India, etc. There is not a single deterministic equation that could explain a direct relation between Bitcoin price and Greece’s economy.

Speculators/Day Traders Cashing on Grexit?

Indeed, Bitcoin is a speculative market. Greed has been driving it since the very start. The aforementioned spike therefore could be nothing but a psychologically-induced pump, involuntarily backed by a perfectly timed Greece’s economic meltdown. The currently volatility is great for day traders, undoubtedly; but we are still expecting a slowdown in upwards momentum once the hype reaches its conclusion.

We recommend you to read “Cyprus 2013 crisis” to understand it further.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

Bitcoin started the month of July with a convincing rally to the upside, suggesting a sustained bullish sentiment amongst investors...

Opeyemi Sule 14 hours ago
Bitcoin

Bitcoin Must Hold $106,000 And $98,000 To Avoid Breakdown

Bitcoin is currently holding just above the $108,000 level and bulls are maintaining momentum after a volatile start to July....

Scott Matherson 15 hours ago
Bitcoin

Bitcoin’s True Value Is Higher Than $110,000, Expert Warns

Bitcoin’s climb past $110,000 this week has reignited a fresh round of bullish calls. Prices hit $110,150 on July 3...

Christian Encila 17 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Price Resumes Upward Move

Bitcoin Price Resumes Upward Move — Can It Break New Highs?

Aayush Jindal 1 hour ago
Bitcoin

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

Opeyemi Sule 11 hours ago
Bitcoin

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

Christian Encila 12 hours ago

Premium Sponsors

Press Releases

  • Make $8,000 a day in stable passive income easily –...

    11 hours ago
  • SunnyMining——A passive income tool that allows ordinary...

    12 hours ago
  • Cryptocurrency is the best way to get rich quickly, easily...

    1 day ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    1 day ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    2 days ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.